Which journal entry reflects the following transaction?: BOC bought a $300,000 building with $50,000 cash and a mortgage taken from a bank.

a. Dr. Building 300,000
Cr. Mortgage 250,000
Cr. Cash 50,000

b. Dr. Mortgage 250,000
Dr. Cash 50,000
Cr. Building 300,000

c. Dr. Cash 50,000
Cr. Building 300,000

d. Dr. Building 300,000
Cr. Cash 50,000

e. Dr. Building 300,000
Cr. Cash 300,000

The correct answer is Option A.

Explanation:

The concept of double entry says for every debit entry, there must be a corresponding credit entry. This is necessary for the journal entries to balance, that is, the total of the debit balance must always equal the credit balance.

The building purchased by BOC is an asset. So there is need to debit that account to recognize the asset. Since there was an outflow of cash to the tune of $50,000, we need to credit cash while the remaining balance being financed by mortgage will be credited to recognize the liability.

you can lose ranking 2 ways.

1) you don't have enough points due to you expending them by asking questions/your answers are deleted.

2) your brainliest's expired. this means that brainliests, once they exceed the 30 day limit, expires. this is to ensure that you continue to contribute into the community at a constant rank if you want to continue to have/exceed the rank you have right now.

if you go to profile, and click "show more information" located on the bottom left of the box with your information (on top of the questions answered, questions asked, and friends), you will be given the following information (example):

member since : 02/13/2017, 18: 11

questions answered: 9741

questions asked: 162

no. of brainliest answers: 1575

brainliest answers in last 30 days: 10

warnings: 0 view

questions/answers reported: 2637

questions/answers incorrectly reported: 64

look at the "brainliest answers in the last 30 days". this is the one that will affect your rank other than your points. again, once your brainliest expires (was earned 31+ days ago), it will not be counted.

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happiness is the correct luck

explanation: